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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 15, 2026
During the third quarter of 2026, the Capicraft Global Creator strategy returned 5.34% net of fees in dollar terms, bringing year-to-date net performance to 6.48%. This outpaced the comparable global multi-asset high-equity category, which returned 0.23% net for the quarter and 4.92% net year-to-date, though it continued to trail the All Country World Equity benchmark's 13.36% year-to-date return. The Capicraft multi-asset portfolio gained 4.75% net in rand terms for the quarter and 5.35% net year-to-date. In response to extreme equity market concentration and rising capital costs, the manager maintained an overweight stance in real assets while introducing a small position in long-dated nominal government bonds yielding over 5%. The manager's macro framework centers on physical bottlenecks constraining the digital artificial intelligence build-out, escalating geopolitical supply chain disruptions, and persistent inflationary pressures. The massive capital expenditure commitments of technology hyperscalers are colliding with physical limitations in power generation, transformers, and copper supplies, creating systemic capital cycle risks if future revenues fail to materialize. Simultaneously, military strikes and shipping route closures across the Middle East and the Black Sea have severely constrained refined product exports, keeping diesel prices elevated and embedding cost inflation across agricultural and industrial transportation networks. Portfolio activity was characterized by maintaining exposure to real assets with structural advantages, including global agricultural agribusiness Bunge, alongside physical grain and maize contracts and sugar producers. To hedge against the possibility of a sharp slowdown in AI infrastructure spending and broad credit contraction, the manager initiated a tactical allocation to long-dated nominal US government bonds to provide portfolio diversification and yield if economic growth and inflation decelerate.
Digital economic expansion and artificial intelligence infrastructure remain strictly constrained by the physical realities of energy, commodities, and credit cycles, requiring robust portfolio positioning in resilient real assets and defensive nominal yield.
The manager anticipates that the physical economy will continue to dictate the ultimate pace and profitability of the digital build-out. Persistently high debt, geopolitical fragmentation, and energy security costs will prevent a return to the disinflationary regime of the 2010s, though intermediate growth slowdowns could prompt sustained rallies in high-yielding nominal bonds.
Neutral / Balanced
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